ZCASH developers criticized Huobi decision on divisting anonymous cryptocurrencies
Electric Coin Company (ECC), standing behind the development of ZCASH, criticized the solution of the Huobi exchange on the divisting of seven anonymous cryptocurrencies.
Today it was announced that Huobi Global Delisted $ Zec, Along with Other Currencies.
ECC IS DISAPPOINTED with this Decision, BUT Will Continue Its Work to Ensure that Eveony Has Access to Zec, A Fair and Open Currency.
– Electric Coin Co. (@Electriccoinco) September 12, 2022
“ECC is disappointed with this decision, but will continue their work to provide everyone with ZEC – honest and open cryptocurrency,” the organization said.
The company emphasized that they study the decision of Huobi and are ready for dialogue with the trading platform. In their opinion, ZCASH “is completely compatible with global AML/CFT standards”.
According to the observations of ECC representatives, some media wrote that the use of ZEC is illegal in a number of countries.
“There are no rules prohibiting people in any jurisdiction to use zcash,” the developers wrote.
ECS Vice President Josh Schihart emphasized that there is no such thing as “confidential coin”.
“Each coin, including bitcoin, provides a certain level of privacy. Most likely, Huobi did not figure out how the cryptocurrency works, ”the company representative wrote.
“There are rumors that South Korea pressed on Huobi for the purpose of divisting. Given the previous actions [the country’s regulators], this is believable. The Government of South Korea is concerned about the problem of laundering money and issues of control over the movement of capital, ”Svihart added.
In his opinion, Huobi actions look like low worshiping regulators to the detriment of user interests.
“Many exchanges are not interested in freedoms that cryptocurrency can unlock. It’s just a casino taking care of their profit. They exist to maximize the volume of transactions and receive income from commissions, ”Svihart emphasized.
Finally, he compared the actions of Huobi with the decision of the American Exchange Coinbase, which supported the lawsuit against the US Ministry of Finance due to sanctions against Tornado Cash.
“You have a choice, which services to use, and which to refuse. Choose wisely, ”the ECC manager gave parting words.
Recall that in June, ZCASH developers activated the Network Upgrade 5 Bankruptcy of the update. It includes the launch of the Orchard secure payment protocol, using the HALO verification system based on evidence with zero disclosure.
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